News

Australian Farm Output Forecast Down for Next Year

10 December 2014

AUSTRALIA - Following an estimated increase of 10 per cent in 2013-14, the gross value of Australian farm production is forecast to fall by five per cent in 2014-15, according to the latest forecast from the Australian Bureau of Agricultural and Resource Economics and Science (ABARES).

ABARES' latest outlook for Australia's key Agricultural Commodities in 2014-15 has been updated with revised forecasts from the previous edition in September 2014.

The gross value of farm production is forecast to fall by five per cent in 2014-15 to about A$50.7 billion, following an estimated increase of 10 per cent to A$53.4 billion in 2013-14.

The volume index of farm production is forecast to decrease by 5.9 per cent in 2014-15, following an estimated rise of 5.5 per cent in 2013-14.

Earnings from farm exports are forecast to fall by 8.6 per cent in 2014-15 to around A$37.6 billion. At this forecast level, export earnings in 2014-15 would be around four per cent above the average of A$36.2 billion over the past decade to 2013-14 in real terms.